Cross-border Services By Third-country Firms

CSSF recognises first equivalent third countries and clarifies when an investment service is rendered in Luxembourg.

On 2 July 2020, the CSSF published two important documents in relation to the provision of cross-border services by third-country firms:

• CSSF Regulation 20-02 which lists the first third countries with equivalent supervision regimes for MiFID II services performed to per se professional clients or eligible counterparties in Luxembourg; and
• CSSF Circular 20/743 which amends an existing circular (Circular 19/716) on the regime applicable to third-country firms wishing to provide investment services to clients in Luxembourg in accordance with Article 32-1 of the Financial Sector Law, which transposed the third-country regime of MiFID II Directive and MiFIR.